What's Driving the Digital Twin Market Trends? | Key Companies are Capgemini, IBM, Infosys, Microsoft, Oracle, PTC, SAP SE, SAS Institute, Wipro, ABB, Ansys., Autodesk, Bentley Systems, Dassault Systèmes, General Electric Company, Robert Bosch, Rockwell A
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The digital twin market share from product design & development application is anticipated to exhibit a CAGR of over 31% during the forecast period owing to implementation of Industry 4.0 by the automotive and manufacturing sectors. Moreover, the emergence advanced data visualization & analytics techniques help in optimizing product performance, thus driving the digital twin market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Capgemini SE
2. IBM Corporation
3. Infosys Limited
4. Microsoft Corporation
5. Oracle Corporation
6. PTC Inc.
7. SAP SE
8. SAS Institute
9. Wipro Limited
10. ABB Group
11. Ansys Inc.
12. Autodesk, Inc.
13. Bentley Systems, Incorporated
14. Dassault Syst?mes
15. General Electric Company
16. Robert Bosch GmbH
17. Rockwell Automation
18. Schneider Electric SE
19. Siemens AG
The process support & service application segment is expected to witness a stellar growth at a CAGR of over 30% during the forecast timeframe. Growing use of digital twins in the application enables efficient inventory optimization by reducing inventory carrying costs and facilitating improved customer services, which in turn will stimulate segmental growth.
Rapidly developing and competitive sectors including healthcare, automotive and manufacturing, that form a part of the industry end-use landscape, will account for a considerable share of the digital twin market.
The manufacturing sector is anticipated to account for more than 25% market share by 2025 owing to the advent of automation systems to enhance production capabilities, and the healthy growth of the sector after Industry 4.0. The steady progress of the sector will further increase the demand for digital twin to optimize and streamline flaws in manufacturing process.
The healthcare sector is expected to secure a considerable share in the market over analysis period. The digital twin offers real-time analytics and monitoring using machine learning to simplify operations and processes in the hospital, enhancing customer experience. In addition, growing demand for advanced healthcare options will further fuel digital twin market growth.
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The Asia Pacific market is estimated to exhibit a remarkable growth with a CAGR of over 30% during the forecast timeline. Also, the presence of leading automotive players in countries including India, South Korea and Japan will influence industry growth. Additionally, increasing adoption of IoT and IIoT coupled with the surge in smartphones will fuel digital twin market growth.
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